Business Line reported that the Kerala Government has accorded sanction to Malabar Cements Limited to set up a bulk cement handling unit at Kochi Port at an investment of INR 160 crore.
A government order to this effect said that interest-free KVAT loan will be provided to the company based on VAT remittance and the loan will be repaid in 5 years with equal instalments after a moratorium period of one year. Necessary funds are to be tied by Malabar Cements to complete the project within two years without any cost escalation.
As a source of fund, Malabar Cements proposed an interest-free KVAT loan for four years from October 1st to September 30th 2018.
The order said that the government examined the proposal in detail and found that the project is beneficial to the state as well as to the company.
Malabar Cements has shown interest in establishing cement handling and bagging unit following the decision of the Kochi Port in permitting cement companies to bring raw materials for cement manufacturing through sea route using the port facilities.
The government order added that the port management expressed its willingness to allot the land on nomination basis. The capacity of the plant is 0.6 million tonne per annum after stabilisation.
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